The Finance Checklist Every SME Should Run Before Month-End

Month-end closing is a key moment for every SME. It’s the time when you turn a month’s worth of daily transactions into a clear financial picture—helping you track performance, meet compliance requirements, and prepare for growth decisions. Yet, for many small business owners, month-end can feel like a scramble: missing receipts, mismatched numbers, and endless checking.

Here’s a practical finance checklist that every SME should run before closing the books—plus how tools like ccMonet make it easier, faster, and more accurate.

1. Reconcile All Bank Accounts

Before anything else, ensure your bank transactions match your accounting records.

• Check for unrecorded payments, deposits, or transfers.
• Verify foreign currency transactions and exchange rate adjustments.
• Confirm that balances align across business accounts, credit cards, and e-wallets.

Tip: With ccMonet’s AI Bank Reconciliation, transactions are automatically matched to invoices and receipts, even across multiple currencies—reducing manual review time and spotting discrepancies instantly.

2. Record and Categorize All Expenses

Unrecorded expenses are the most common reason financial reports go off-track.

• Review receipts from vendors, staff reimbursements, and subscriptions.
• Classify each expense correctly—office, utilities, marketing, or supplies.
• Don’t forget recurring payments like software fees or rent.

Employees can upload receipts directly to ccMonet via mobile. AI reads handwriting, scans PDFs, and fills in the accounting entries automatically—so you don’t miss a single transaction.

3. Verify Outstanding Invoices and Collections

Late payments can skew your cash flow picture.

• Check which invoices are unpaid or overdue.
• Follow up with customers before closing the month.
• Write off long-overdue items if necessary, or set up reminders for the next cycle.

ccMonet automatically tracks invoice statuses and flags overdue items, giving you a clean, up-to-date Accounts Receivable view.

4. Review Payroll and Employee Reimbursements

Payroll errors are costly to fix after submission.

• Ensure all salaries, allowances, and reimbursements are accounted for.
• Verify CPF or social contribution payments (if applicable).
• Review payroll journals for accuracy and compliance.

ccMonet’s integrated reimbursement tool captures staff expense claims and posts them directly into your books—streamlining approval and reducing back-and-forth.

5. Check Vendor Payments and Accruals

Before closing, make sure vendor payments are properly recorded.

• Reconcile supplier invoices with purchase orders and payment confirmations.
• Record any unpaid bills as accruals for accurate financial reporting.
• Review major vendor balances for consistency.

AI-driven matching in ccMonet helps flag missing documents or mismatched amounts automatically, so your payable records stay complete.

6. Generate and Review Financial Reports

Once everything is reconciled, generate your:

• Profit & Loss Statement
• Balance Sheet
• Cash Flow Summary

Check for unusual trends—spikes in spending, missing revenue, or unusual balances.
With ccMonet’s AI Insights, reports are updated in real time, providing instant visibility into profits, expenses, and performance trends—no spreadsheets required.

7. Back Up and Secure Your Data

Finally, ensure all data is safely stored and backed up.
Cloud systems like ccMonet automatically log, timestamp, and secure every document—making audits and compliance checks seamless.

Simplify Month-End with AI

Month-end doesn’t have to be a marathon of spreadsheets and stress. With AI-driven accounting tools like ccMonet, you can close your books faster, reduce errors, and gain real-time clarity on your business finances.

Ready to simplify your month-end workflow?
Visit ccMonet and discover how AI can help your SME achieve smoother, smarter financial management.

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